View more on these topics

Independents taking a bigger share of the pension sector

First-quarter figures from the ABI show IFAs are stealing a march on their

direct salesforce rivals for sales of new pension business.

The figures reveal that, despite the continuing falling sales of regular-

and single-premium pensions, IFAs have become the dominant distribution

channel.

The figures show IFAs increased their share of the regular-premium pension

market to 59 per cent from 50 per cent in the same period last year.

This was despite sales of regular-premium pensions falling by 2 per cent

to £387m from £396m and single-premium pension sales dropping by 17 per

cent to £1.694bn from £2.036bn over the same period last year.

Regular-premium life business also fell over the period on the back of an

endowment review threat. Sales fell by 9 per cent to £346m from £380m last

year.

Single-premium life business bucked the trend, with new business up by 11

per cent to £6.054bn compared with £5.445bn for the same period last year.

But overall single-premium business fell by 3 per cent to £12.170bn from

£12.550bn last year.

Total regular-premium business rose by 8 per cent to £893m from £825m

thanks to strong sales of regular-pre-mium collective investment sales,

which increased by 229 per cent to £160m from £48m last year.

ABI deputy director general Stephen Sklaroff says: “These figures show

that life and pension products continue to be popular savings vehicles for

hundreds of thousands of consumers. We hope the official launch of

stakeholder will help contribute to an increase in regular pension

savings.”

Recommended

Arctic inflation hits record

Britannic Assurance is flying high this week after its Britannic Challengepilot David Hempleman-Adams became the first person to fly a balloon soloacross the Arctic Ocean.Britannic gave £250,000 to sponsor the flight.The feat is regarded as one of the most dangerous balloon flightspossible. The last attempt was more than a century ago and it ended intragedy […]

Yorkshire three-year stepped-rate bond offers up to 8% return

Yorkshire Building Society is offering a stepped-rate bond with aninterest rate that can reach 8 per cent.The rates are graduated over the three-year life of the product. In thefirst year, the annual rate is 6.25 per cent, 7 per cent in the second yearand a maximum of 8 per cent in the third year.Investors can […]

Why Government fears coming clean over with-profits

If the Government wants to ban with-profits from stakeholder, it shouldbite the bullet and say so publicly. It would have to justify the decisionand back its arguments with facts and figures, hopefully explaining why toParliament, the pension industry and consumers.As a result, ministers would find it difficult to boast about extendingconsumer choice when they are […]

Sacked Dome boss re-elected to Equitable board

The sacked chief executive of the New Millennium Experience Company, whichruns the Millennium Dome, has been re-elected to Equitable Life&#39s board tothe anger of many policyholders.Jennie Page, who also holds a non-executive directorship with Railtrack,was re-elected after the results of a postal vote. This gave her 341,741 infavour of her staying on the board to […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment